OldCobbler's report reminded me of what Jimmy originally said about the placing; Hi Tarles My thinking was as follows. Based on information on page 10 of the UK roadshow it shows the use of funds. We start the year with $56.7 million, less the planned 2014 expenditure of $33 million leaves a year end cash balance before new finance of $23.7 million, out of which $15.6 million had been pledged as security for exploration licence guarantees which leaves a free cashflow of $8.1 million. If the Central Block farm out was delayed pending its licence renewal it means Chariot must renew the licence and post the performance bond from its $8.1 million of free cash, and because the farm out funds from Morocco are net yet in that poses a funding problem for August, Since the Central Blocks are so highly prized one would not want to take any chances that there could even be a technical default of the licence obligations that might prevent renewal. Just my thinking of course,
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.